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When might you want to update your will?

On Behalf of | Mar 13, 2020 | Wills And Trusts

Taking time to stop and think about your plans for the end of your life isn’t likely something that you want to do while you’re busy living your peak years, but it’s important to do it. This will ensure that things end up getting handled exactly as you’d like them to be if anything were to happen to you. While you may think that drafting a will is a one-time process, it’s not. It’s a document that you’ll want to revisit regularly throughout your life.

There are a few different times in your life that you’ll want to revisit your will to make sure that it still reflects your final wishes. You’ll want to do so after getting married, having a child, if you get divorced or if you start or sell off your own business. You need to revisit this and any other estate documents that you may have if your relationship with a friend or family member turns sour, someone close to you passes away or if your financial situation changes significantly.

Your will isn’t the only estate planning document that you should revisit and review if there’s a change in your life circumstance. You should also review your life insurance and pension beneficiary designations and your health care and financial power of attorneys too. You may find that you need to appoint a new legal guardian for your kids, update the inventory of your assets and who you’d want them to go to and your estate’s executor when you review your will as well.

There are many different instances in which you may want to review your estate plan and different things that you may want to be cognizant of depending on the stage of life that you’re in. An attorney in Torrance can help you hone in on the different aspects of your California estate plan that could use some updating and aid you in rewriting those portions to reflect your current final wishes.

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